Spinneys reroutes food shipments amid Strait of Hormuz disruption, cuts delays from 38 days to 9
Spinneys rerouted sea cargo amid Strait of Hormuz disruption, cutting shipment delays from 38 days to nine as H1 revenue rose 5.1% to AED1.9bn
Spinneys has rerouted its sea cargo shipments due to disruption in the Strait of Hormuz, significantly reducing delays from 38 days to 9 days. The company reported a 5.1% increase in revenue to AED1.9bn for the first half of the year.
The Strait of Hormuz has been closed, impacting oil exports. According to Gulf Times Business, Iraqi crude oil exports have dropped from 3.4 million barrels per day to between 1.5 million and 1.7 million bpd.
The closure has prompted countries to explore alternative routes. Iraq's Minister of Oil, Basim Khudair, stated that the country's oil fields can restore previous production and export levels, and that the government is working to diversify export routes and enhance gas investment.
Brief written by urgent.news from Arabian Business, Quartz, Gulf Times Business — 3 reports on this story. Machine-written — it may contain errors, so check the original before relying on it.
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- Oil prices fall on hopes Strait of Hormuz could reopen bbc.co.uk
- Iraq oil exports plunge on Strait of Hormuz closure gulf-times.com
- There's no simple alternative to the Strait of Hormuz semafor.com
- Can we ever bypass the Strait of Hormuz and make regional supply chains conflict-proof? arabianbusiness.com
